A lot of people have been keeping an eye on Ethereum over the past few months. Ever since this altcoin’s value surpassed US$1,000, expectations have risen even higher. Right now, we are looking at an Ethereum price of nearly US$1,300, which is rather close to the previous all-time high. It will only take a US$100 nudge upward to set a new all-time high.
What Comes Next for the Ethereum Price?
When it comes to finding a resilient cryptocurrency capable of weathering a massive market onslaught, the choices are very limited right now. Bitcoin certainly doesn’t fit this category all too well, even though it has suffered a lot more setbacks than any other currency in existence. Ethereum is clearly quite resilient in its own right, as it successfully absorbed the most recent market dip without too many problems.
Indeed, we saw the Ethereum price rise to $1,325 not long ago. Ever since 2018 came around, all markets have turned uber-bearish. As a result, the Ethereum price dipped well below US$900, which took a lot of people by surprise. At the same time, it created an excellent buy opportunity for those who were confident Ethereum would rise in value again.
So far, it seems those buyers have been proven right. The Ethereum price has spiked to nearly US$1,250 again, thanks to a 12.41% increase over the past 24 hours. Moreover, we’ve also seen Ethereum surge against Bitcoin by 10.56%. Both of these trends are very strong and indicate that a lot more positive momentum may come Ethereum’s way in the coming months. A new all-time high isn’t that far off, although there is no reason to get ahead of ourselves.
With US$5.18 billion in 24-hour trading volume, the demand for Ethereum has certainly been taken to a whole new level. Very few altcoins are capable of breaking the US$1 billion barrier, let alone five times that much. Based on the current market sentiment, it is evident that there are a lot more buyers than sellers, and those buyers may push the Ethereum price well past US$1,300 in the coming days.
Bithumb has retaken the lead in terms of ETH trading volume. It is not that far ahead of Upbit, though, and OKEX’s ETH/USDT market is also within range. The first Western fiat currency market is Bitfinex’s ETH/USD pair, which generated over US$229 million in 24-hour volume. It’s good to see the entire world show a keen interest in Ethereum, as it further confirms that the Ethereum price rise is the result of a global push rather than a localized pump.
For the time being, we will have to wait and see if this momentum remains in place. There is a very real chance that we will see a new all-time high Ethereum price set before the month is over. At the same time, the recent gains are quite solid, and there will be some major pushback in the near term. Ethereum is by far one of the most interesting markets to keep an eye on right now, but things are always subject to change in the cryptocurrency world.